Many filling stations across the Federal Capital Territory have raised the pump price of Premium Motor Spirit (PMS), popularly known as petrol, following successive increases in the gantry (ex-depot) price by the Dangote Petroleum Refinery.
The development comes despite a recent decline in international crude oil prices, which fell from about $92 per barrel to around $87.31 per barrel. Brent crude was last quoted near $88.10 per barrel (down 0.47 per cent), while West Texas Intermediate stood at approximately $83.40 per barrel (down 0.16 per cent).
According to reports from the News Agency of Nigeria (NAN) and industry sources, Dangote Refinery raised its gantry price from N1,165 per litre to N1,185, then to N1,200, and most recently to N1,265 per litre within the past week. The latest adjustment alone represents a N65 per litre increase from the previous N1,200 level. The refinery also adjusted its coastal supply price upward.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that marketers reviewed their pump prices after the series of Dangote adjustments. He noted that marketers could not continue selling petrol below replacement cost.
Economist Samson Ogunjimi expressed concern over the growing financial pressure on households and livelihoods caused by the rising fuel prices, describing the situation as increasingly unbearable for many Nigerians already grappling with elevated living costs.
The successive hikes mark the third gantry price increase by Dangote Refinery in roughly eight days, adding to cost pressures across the downstream petroleum value chain even as global crude prices have eased.
Motorists and transport operators in the FCT are advised to budget for higher fuel expenses in the coming days as the market continues to adjust.